The month of November presents several financial opportunities for all mail handlers.
First, the Federal Benefits Open Season provides an opportunity for mail handlers to make any necessary changes to their health insurance coverage through the Federal Employees Health Benefits Program (FEHBP). During this open season, employees may make any one, or a combination of, the following changes to their health insurance: enroll if not enrolled; cancel enrollment; change from one plan to another or from one option to another; and change from Self to Self and Family, or from Self and Family to Self. Again this year, special attention should be paid by individuals seeking to ensure their children have coverage until age 26 under the new 2010 health reform law. All of these open season changes may be made using PostalEASE, which may be accessed online at www.liteblue.usps.gov or by calling 1-877-487-3273. The FEHBP Open Season period is scheduled for November 14 through December 13, 2011 at 5 p.m. (central time).
Also currently available to all mail handlers, as well as all other federal and postal employees, are supplemental dental and vision insurance programs offered through the Federal Employees Dental and Vision Insurance Program (FEDVIP). These plans are optional, with all premiums paid by the employee without any subsidy from the Postal Service. Questions can be addressed to the customer service representatives at 1-877-888-3337, or you can find more information, including enrollment details, at www.benefeds.com. The FEDVIP Open Season period expires on December 12.
Supplemental dental and vision plans also are sponsored by the Mail Handlers Benefit Plan (MHBP) and Coventry, and may be used by mail handlers who are members of the NPMHU even if they do not enroll in health insurance sponsored by the MHBP. More information on the MHBP supplemental plans is available at the MHBP website, www.mhbp.com, or at 1-800-254-0227.
Second, similar but lengthier open season dates (November 7, 2011 through December 25, 2011 at 5:00 pm (central time)) are applicable for mail handlers who seek to participate during 2012 in one or both Flexible Spending Accounts. FSAs allow employees to set aside a portion of their pre-tax earnings for certain types of out-of-pocket health care expenses and dependent care expenses that may be incurred during the next year. FSAs are an excellent opportunity for all mail handlers to save money for health care and dependent care, and all members are urged to investigate this program if you expect to have eligible expenses in these areas.
If you don't have an FSA, perhaps this is the year to try. Start small, if you like. But you can put up to $5,000 into a Health Care FSA and/or up to another $5,000 per family into a Dependent Care FSA. Using the FSA Program can give you significant tax savings. In basic terms, the FSA gives you a percentage discount (depending on your tax rate) on all of your out-of-pocket health care costs, such as braces, eyeglasses, hearing aids, deductibles, co-payments, prescription drugs, and other expenses not covered by health insurance. The same is true for your dependent care costs, which can include day care at a center or from a private sitter, late pickup fees from child care, nursery school, and summer day camp, or adult day care for an elderly parent.
The amount of money you put into an FSA is entirely up to you. Be advised, however, that you must utilize all of the funds in your FSA, or you lose that money under rules adopted by the Internal Revenue Service. Also remember that you have additional time after December 31 of each year (until March 15 of the following year) before any unspent money in an FSA would be lost. Complete your enrollment through PostalEASE by visiting liteblue.usps.gov or by calling 1-877-487-3273; questions should be directed to the FSA Customer Service Center at 1-800-842-2026. Again, the FSA Open Season runs from November 7, 2011 through December 25, 2011 at 5:00 pm (central time).
Third, eligible employees may use the Annual Leave Exchange Option to receive a lump-sum payment in their paychecks in early January 2012 in exchange for a portion of the annual leave that otherwise would be advanced to them at the beginning of the 2012 leave year. To be eligible, mail handlers must have an annual leave balance of 440 hours at the end of the 2011 leave year and have used less than 75 hours of sick leave during the 2011 leave year. Mail handlers who meet the eligibility criteria and want to exercise this option under the Annual Leave Exchange Option must use PostalEASE to make elections no later than December 15, 2011 at 11:59 pm (central time).
If you would like additional information about any of these programs, please use the resources listed in this article.
